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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. If you qualify for a , you can obtain a mortgage without needing a down payment or having to pay for mortgage insurance. However, you need to apply for a VA loan certificate of eligibility before you can apply for the loan.
What is a VA certificate of eligibility
A VA loan certificate of eligibility (COE) is the first step toward getting a VA loan. The COE is provided by the U.S. Department of Veterans Affairs, and serves as evidence that you meet the requirements to be eligible for a VA loan. Without it, you won’t be able to take advantage of low and other benefits.
How to get a VA loan certificate of eligibility
To get a VA loan certificate of eligibility, you’ll need to meet some key requirements. These vary based on your status (active duty or veteran), the period of time you served and your discharge status: Qualifications for a VA certificate of eligibility
If you are on active duty now, you need to have served at least 90 continuous days. For veterans, the service requirements are a bit more complex, varying from 90 days of active duty to 24 continuous months. Your discharge status is also a factor. To determine if you meet the requirements, . Where to get a VA certificate of eligibility
There are three main options for getting your certificate of eligibility: Apply online: The VA is the easiest and fastest route to get your certificate of eligibility. Ask your mortgage lender: If you know which you’d like to work with, you can ask the lender for help obtaining your COE. Apply via mail: You can print out the , complete it and mail it to the appropriate regional loan center (the addresses are on the form). Keep in mind that this option will take additional time. What you need to get a VA COE
If you are currently active, you’ll need a statement of service signed by your commander, adjutant or personnel office that includes your name, your Social Security number and date of birth. It’ll also need to document the day you started your service, any lost time and the name of the command providing the information. If you are a veteran, you’ll need your discharge or separation papers (DD214). If you are a discharged member of the National Guard or Reserves and were never activated, you’ll need to meet a few other requirements in order to document your eligibility. Check the VA’s complete of what you need for your application. Surviving spouses also have some additional paperwork. You’ll need to complete the VA’s Request for Determination of Loan Guaranty Eligibility–Unmarried Surviving Spouses . Then, you’ll need to track down your spouse’s military records, which you can do via the ; a copy of your marriage license; and a copy of your spouse’s death certificate.
How long does it take to receive a COE
If you apply online and your eligibility is easy to verify, getting your COE can be a relatively quick process: roughly 30 days. If you can, though, apply early, and leave six weeks for processing. In rare cases, verifying service and eligibility can take time. For example, if your discharge was classified as “less than honorable,” you can go through the VA’s Character of Discharge review process, which can take up to a full year.
What do I do when I get my COE
When you have your COE, it’s time to move forward with the . Receiving a COE doesn’t automatically mean you are approved for a VA loan; it only means you’re eligible to apply for one. You’ll still need to go through the application process and meet the lender’s criteria, which can vary from lender to lender. The process looks fairly similar to other loans at this point, and involves reviewing your credit history, your debt-to-income ratio and your overall financial picture.
When does a COE expire
Your VA home loan certificate of eligibility never expires; once you’re eligible, you’re all set. However, there is one caveat to that rule: If you receive your COE while you are on active duty, you will eventually need to obtain a new COE once your status changes to a veteran. SHARE: Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Kenneth Chavis IV is a senior wealth manager who provides comprehensive financial planning, investment management and tax planning services to business owners, equity compensated executives, engineers, medical doctors and entertainers.